Turkey - Country Economic Memorandum : Volume 2. Sustaining High Growth, Selected Issues
This Country Economic Memorandum (CEM), prepared in collaboration with the Turkish authorities, summarizes recent accomplishments in achieving high growth and analyzes remaining public policy challenges and options available to the authorities to m...
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| Format: | Country Economic Memorandum |
| Language: | English |
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Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2008/04/9423798/turkey-country-economic-memorandum-sustaining-high-growth-selected-issues-vol-2-2-expanded-report http://hdl.handle.net/10986/8017 |
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okr-10986-8017 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English |
| topic |
AGRICULTURAL OUTPUT AGRICULTURE ANNUAL GROWTH ANNUAL IMPORTS ASSETS AVERAGE PRODUCTIVITY BALANCE OF PAYMENTS BANK LENDING BANKING REGULATION BASE YEAR BILL CAPITAL FLOWS CAPITAL FORMATION CAPITAL GOODS CAPITAL GOODS IMPORTS CAPITAL INFLOWS CAPITAL STOCK CARBON CARBON EMISSIONS CENTRAL BANK COAL COMPARATIVE ADVANTAGE COMPETITIVENESS CONSOLIDATION CONSTANT RETURNS TO SCALE CONSUMER PRICE INDEX CONSUMPTION GOODS CPI CURRENCY CURRENCY SUBSTITUTION CURRENCY TRANSACTION CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT DYNAMICS DEBT DEBT SUSTAINABILITY DEMAND GROWTH DEPRECIATION DEVELOPMENT AGENCIES DEVELOPMENT POLICY DISINFLATION DISPOSABLE INCOME DOMESTIC CREDIT DOMESTIC DEMAND DOMESTIC DEMAND GROWTH DOMESTIC MARKETS ECONOMETRIC ESTIMATES ECONOMIC ACTIVITY ECONOMIC COOPERATION ECONOMIC CRISIS ECONOMIC GROWTH ECONOMIC POLICIES ECONOMIC POLICY ECONOMIC SHOCKS ELASTICITIES ELASTICITY ELECTRICITY DEMAND EMERGING MARKET ECONOMIES ENERGY CONSUMPTION ENERGY EFFICIENCY ENTERPRISE PERFORMANCE ENVIRONMENTAL ENVIRONMENTAL PROTECTION EQUILIBRIUM EQUILIBRIUM LEVEL EXCHANGE RATE EXCHANGE RATE APPRECIATION EXCHANGE RATE SHOCKS EXPENDITURES EXPLANATORY VARIABLES EXPORT CAPACITY EXPORT GROWTH EXPORT GROWTH RATES EXTERNAL BALANCE EXTERNAL COMPETITIVENESS EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL DEMAND EXTERNAL SHOCKS FARMS FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR FISCAL BALANCES FISCAL DISCIPLINE FISCAL REFORMS FOOD PRICES FOREIGN CURRENCY FOREIGN CURRENCY LOANS FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FORESTRY FUNDAMENTAL DETERMINANTS GDP GDP PER CAPITA GLOBAL MARKET GLOBAL MARKETS GLOBAL TRADE GNP GOLD GRAVITY MODELS GROSS DOMESTIC PRODUCT GROSS FIXED CAPITAL FORMATION GROSS NATIONAL PRODUCT GROSS VALUE GROWTH PERFORMANCE GROWTH POTENTIAL GROWTH PROJECTIONS GROWTH RATE GROWTH RATES HUMAN CAPITAL HUMAN RESOURCES IMBALANCE IMBALANCES IMPORT IMPORTS INCOME INDUSTRIALIZATION INFLATION INFLATION DYNAMICS INFLATION FORECAST INFLATION TARGET INFLATION TARGETING INFLATION TARGETING REGIME INFLATIONARY EXPECTATIONS INFLATIONARY PROCESS INSURANCE INTEREST RATES INTERMEDIATE GOODS INTERNATIONAL MARKET INTERNATIONAL MARKETS INVESTMENT CLIMATE INVESTMENT EXPENDITURES INVESTMENT RATE JUDICIAL REFORM KEY RISKS LABOR COSTS LABOR FORCE LABOR MARKET LABOR MARKETS LABOR PRODUCTIVITY LAND USE LEGAL FRAMEWORK LEVEL OF INVESTMENT LOCAL AUTHORITIES LOSS OF COMPETITIVENESS MACROECONOMIC MANAGEMENT MACROECONOMIC STABILITY MARKET ECONOMIES MINIMUM WAGES MONETARY FUND MONETARY POLICY MONEY SUPPLY MORTGAGE MPC NATIONAL INCOME NATIONAL SAVING NET EXPORTS OIL OIL PRICE OIL PRICES OUTPUT GAP PER CAPITA INCOME POLLUTION POLLUTION CONTROL POPULATION GROWTH POTENTIAL OUTPUT POVERTY REDUCTION PRICE INDEX PRIVATE CONSUMPTION PRIVATE CREDITS PRIVATE INVESTMENT PRODUCTION FUNCTION PRODUCTIVITY PRODUCTIVITY GROWTH PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC INVESTMENT PURCHASING POWER PURCHASING POWER PARITY RAPID GROWTH REAL EFFECTIVE EXCHANGE RATE REAL EXCHANGE RATE REAL GDP REAL IMPORTS RECESSION RESOURCES MANAGEMENT RISK FACTORS SAVINGS SLOWDOWN STABLE GROWTH STOCK MARKET STRUCTURAL REFORM STRUCTURAL REFORMS SUPPLY SHOCKS SUPPLY SIDE SURPLUS SURPLUSES SUSTAINABLE GROWTH TAX EXPENDITURES TAX REFORM TAX REVENUES TIGHT MONETARY POLICIES TIGHT MONETARY POLICY TOTAL EXPORTS TOTAL FACTOR PRODUCTIVITY TRADABLE GOODS TRADE BALANCE TRADE DEFICIT TRADE INTEGRATION TRADE OPENNESS TRADE PERFORMANCE TREATY UNCERTAINTIES UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES VALUE ADDED WASTE MANAGEMENT |
| spellingShingle |
AGRICULTURAL OUTPUT AGRICULTURE ANNUAL GROWTH ANNUAL IMPORTS ASSETS AVERAGE PRODUCTIVITY BALANCE OF PAYMENTS BANK LENDING BANKING REGULATION BASE YEAR BILL CAPITAL FLOWS CAPITAL FORMATION CAPITAL GOODS CAPITAL GOODS IMPORTS CAPITAL INFLOWS CAPITAL STOCK CARBON CARBON EMISSIONS CENTRAL BANK COAL COMPARATIVE ADVANTAGE COMPETITIVENESS CONSOLIDATION CONSTANT RETURNS TO SCALE CONSUMER PRICE INDEX CONSUMPTION GOODS CPI CURRENCY CURRENCY SUBSTITUTION CURRENCY TRANSACTION CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT DYNAMICS DEBT DEBT SUSTAINABILITY DEMAND GROWTH DEPRECIATION DEVELOPMENT AGENCIES DEVELOPMENT POLICY DISINFLATION DISPOSABLE INCOME DOMESTIC CREDIT DOMESTIC DEMAND DOMESTIC DEMAND GROWTH DOMESTIC MARKETS ECONOMETRIC ESTIMATES ECONOMIC ACTIVITY ECONOMIC COOPERATION ECONOMIC CRISIS ECONOMIC GROWTH ECONOMIC POLICIES ECONOMIC POLICY ECONOMIC SHOCKS ELASTICITIES ELASTICITY ELECTRICITY DEMAND EMERGING MARKET ECONOMIES ENERGY CONSUMPTION ENERGY EFFICIENCY ENTERPRISE PERFORMANCE ENVIRONMENTAL ENVIRONMENTAL PROTECTION EQUILIBRIUM EQUILIBRIUM LEVEL EXCHANGE RATE EXCHANGE RATE APPRECIATION EXCHANGE RATE SHOCKS EXPENDITURES EXPLANATORY VARIABLES EXPORT CAPACITY EXPORT GROWTH EXPORT GROWTH RATES EXTERNAL BALANCE EXTERNAL COMPETITIVENESS EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL DEMAND EXTERNAL SHOCKS FARMS FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR FISCAL BALANCES FISCAL DISCIPLINE FISCAL REFORMS FOOD PRICES FOREIGN CURRENCY FOREIGN CURRENCY LOANS FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FORESTRY FUNDAMENTAL DETERMINANTS GDP GDP PER CAPITA GLOBAL MARKET GLOBAL MARKETS GLOBAL TRADE GNP GOLD GRAVITY MODELS GROSS DOMESTIC PRODUCT GROSS FIXED CAPITAL FORMATION GROSS NATIONAL PRODUCT GROSS VALUE GROWTH PERFORMANCE GROWTH POTENTIAL GROWTH PROJECTIONS GROWTH RATE GROWTH RATES HUMAN CAPITAL HUMAN RESOURCES IMBALANCE IMBALANCES IMPORT IMPORTS INCOME INDUSTRIALIZATION INFLATION INFLATION DYNAMICS INFLATION FORECAST INFLATION TARGET INFLATION TARGETING INFLATION TARGETING REGIME INFLATIONARY EXPECTATIONS INFLATIONARY PROCESS INSURANCE INTEREST RATES INTERMEDIATE GOODS INTERNATIONAL MARKET INTERNATIONAL MARKETS INVESTMENT CLIMATE INVESTMENT EXPENDITURES INVESTMENT RATE JUDICIAL REFORM KEY RISKS LABOR COSTS LABOR FORCE LABOR MARKET LABOR MARKETS LABOR PRODUCTIVITY LAND USE LEGAL FRAMEWORK LEVEL OF INVESTMENT LOCAL AUTHORITIES LOSS OF COMPETITIVENESS MACROECONOMIC MANAGEMENT MACROECONOMIC STABILITY MARKET ECONOMIES MINIMUM WAGES MONETARY FUND MONETARY POLICY MONEY SUPPLY MORTGAGE MPC NATIONAL INCOME NATIONAL SAVING NET EXPORTS OIL OIL PRICE OIL PRICES OUTPUT GAP PER CAPITA INCOME POLLUTION POLLUTION CONTROL POPULATION GROWTH POTENTIAL OUTPUT POVERTY REDUCTION PRICE INDEX PRIVATE CONSUMPTION PRIVATE CREDITS PRIVATE INVESTMENT PRODUCTION FUNCTION PRODUCTIVITY PRODUCTIVITY GROWTH PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC INVESTMENT PURCHASING POWER PURCHASING POWER PARITY RAPID GROWTH REAL EFFECTIVE EXCHANGE RATE REAL EXCHANGE RATE REAL GDP REAL IMPORTS RECESSION RESOURCES MANAGEMENT RISK FACTORS SAVINGS SLOWDOWN STABLE GROWTH STOCK MARKET STRUCTURAL REFORM STRUCTURAL REFORMS SUPPLY SHOCKS SUPPLY SIDE SURPLUS SURPLUSES SUSTAINABLE GROWTH TAX EXPENDITURES TAX REFORM TAX REVENUES TIGHT MONETARY POLICIES TIGHT MONETARY POLICY TOTAL EXPORTS TOTAL FACTOR PRODUCTIVITY TRADABLE GOODS TRADE BALANCE TRADE DEFICIT TRADE INTEGRATION TRADE OPENNESS TRADE PERFORMANCE TREATY UNCERTAINTIES UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES VALUE ADDED WASTE MANAGEMENT World Bank Turkey - Country Economic Memorandum : Volume 2. Sustaining High Growth, Selected Issues |
| geographic_facet |
Europe and Central Asia Turkey |
| description |
This Country Economic Memorandum (CEM),
prepared in collaboration with the Turkish authorities,
summarizes recent accomplishments in achieving high growth
and analyzes remaining public policy challenges and options
available to the authorities to meet these challenges. The
country seeks to double the nominal per capita income of its
population by 2013. It wants this rapid growth to be
inclusive of all segments of society, regions, and economic
sectors-especially through improved labor market performance
leading to more and better jobs in the economy. At the same
time, the authorities want to improve the quality of public
services which they see as an important complement to
economic growth in improving quality of life. They also
believe that the potentially negative environmental
consequences of the period of rapid growth ahead need to be
managed so that the positive welfare gains from higher per
capita income levels do not become eroded by environmental
nuisances. Turkey has succeeded in restoring macroeconomic
stability and rapid growth, it has been recovering from
crisis in 2001 and grew at 7.5 percent per year on average
during 2002-2006. In addition, certain dimensions of public
sector governance are instrumental in improving quality of
life and promoting competitiveness in Turkey including, for
example, food safety and environmental protection. Further
strengthening of the legal framework and institutions
fighting corruption could improve the investment climate,
the efficiency of the public sector, and popular support to
further reforms, and continuous macroeconomic stability is a
necessary (but not sufficient) condition for sustainable
growth. Strong fiscal discipline and monetary policy have
reduced chronic inflation to below 10 percent in 2005.
Public debt has also been reduced and its sustainability has
improved. Accordingly, the resilience of the Turkish economy
to shocks has improved as demonstrated by the rapid recovery
from turmoil in international markets in the summer of 2006
and, more recently, in the summer-autumn of 2007. |
| format |
Economic & Sector Work :: Country Economic Memorandum |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Turkey - Country Economic Memorandum : Volume 2. Sustaining High Growth, Selected Issues |
| title_short |
Turkey - Country Economic Memorandum : Volume 2. Sustaining High Growth, Selected Issues |
| title_full |
Turkey - Country Economic Memorandum : Volume 2. Sustaining High Growth, Selected Issues |
| title_fullStr |
Turkey - Country Economic Memorandum : Volume 2. Sustaining High Growth, Selected Issues |
| title_full_unstemmed |
Turkey - Country Economic Memorandum : Volume 2. Sustaining High Growth, Selected Issues |
| title_sort |
turkey - country economic memorandum : volume 2. sustaining high growth, selected issues |
| publisher |
Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2008/04/9423798/turkey-country-economic-memorandum-sustaining-high-growth-selected-issues-vol-2-2-expanded-report http://hdl.handle.net/10986/8017 |
| _version_ |
1764403330430271488 |
| spelling |
okr-10986-80172021-04-23T14:02:36Z Turkey - Country Economic Memorandum : Volume 2. Sustaining High Growth, Selected Issues World Bank AGRICULTURAL OUTPUT AGRICULTURE ANNUAL GROWTH ANNUAL IMPORTS ASSETS AVERAGE PRODUCTIVITY BALANCE OF PAYMENTS BANK LENDING BANKING REGULATION BASE YEAR BILL CAPITAL FLOWS CAPITAL FORMATION CAPITAL GOODS CAPITAL GOODS IMPORTS CAPITAL INFLOWS CAPITAL STOCK CARBON CARBON EMISSIONS CENTRAL BANK COAL COMPARATIVE ADVANTAGE COMPETITIVENESS CONSOLIDATION CONSTANT RETURNS TO SCALE CONSUMER PRICE INDEX CONSUMPTION GOODS CPI CURRENCY CURRENCY SUBSTITUTION CURRENCY TRANSACTION CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT DYNAMICS DEBT DEBT SUSTAINABILITY DEMAND GROWTH DEPRECIATION DEVELOPMENT AGENCIES DEVELOPMENT POLICY DISINFLATION DISPOSABLE INCOME DOMESTIC CREDIT DOMESTIC DEMAND DOMESTIC DEMAND GROWTH DOMESTIC MARKETS ECONOMETRIC ESTIMATES ECONOMIC ACTIVITY ECONOMIC COOPERATION ECONOMIC CRISIS ECONOMIC GROWTH ECONOMIC POLICIES ECONOMIC POLICY ECONOMIC SHOCKS ELASTICITIES ELASTICITY ELECTRICITY DEMAND EMERGING MARKET ECONOMIES ENERGY CONSUMPTION ENERGY EFFICIENCY ENTERPRISE PERFORMANCE ENVIRONMENTAL ENVIRONMENTAL PROTECTION EQUILIBRIUM EQUILIBRIUM LEVEL EXCHANGE RATE EXCHANGE RATE APPRECIATION EXCHANGE RATE SHOCKS EXPENDITURES EXPLANATORY VARIABLES EXPORT CAPACITY EXPORT GROWTH EXPORT GROWTH RATES EXTERNAL BALANCE EXTERNAL COMPETITIVENESS EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL DEMAND EXTERNAL SHOCKS FARMS FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR FISCAL BALANCES FISCAL DISCIPLINE FISCAL REFORMS FOOD PRICES FOREIGN CURRENCY FOREIGN CURRENCY LOANS FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FORESTRY FUNDAMENTAL DETERMINANTS GDP GDP PER CAPITA GLOBAL MARKET GLOBAL MARKETS GLOBAL TRADE GNP GOLD GRAVITY MODELS GROSS DOMESTIC PRODUCT GROSS FIXED CAPITAL FORMATION GROSS NATIONAL PRODUCT GROSS VALUE GROWTH PERFORMANCE GROWTH POTENTIAL GROWTH PROJECTIONS GROWTH RATE GROWTH RATES HUMAN CAPITAL HUMAN RESOURCES IMBALANCE IMBALANCES IMPORT IMPORTS INCOME INDUSTRIALIZATION INFLATION INFLATION DYNAMICS INFLATION FORECAST INFLATION TARGET INFLATION TARGETING INFLATION TARGETING REGIME INFLATIONARY EXPECTATIONS INFLATIONARY PROCESS INSURANCE INTEREST RATES INTERMEDIATE GOODS INTERNATIONAL MARKET INTERNATIONAL MARKETS INVESTMENT CLIMATE INVESTMENT EXPENDITURES INVESTMENT RATE JUDICIAL REFORM KEY RISKS LABOR COSTS LABOR FORCE LABOR MARKET LABOR MARKETS LABOR PRODUCTIVITY LAND USE LEGAL FRAMEWORK LEVEL OF INVESTMENT LOCAL AUTHORITIES LOSS OF COMPETITIVENESS MACROECONOMIC MANAGEMENT MACROECONOMIC STABILITY MARKET ECONOMIES MINIMUM WAGES MONETARY FUND MONETARY POLICY MONEY SUPPLY MORTGAGE MPC NATIONAL INCOME NATIONAL SAVING NET EXPORTS OIL OIL PRICE OIL PRICES OUTPUT GAP PER CAPITA INCOME POLLUTION POLLUTION CONTROL POPULATION GROWTH POTENTIAL OUTPUT POVERTY REDUCTION PRICE INDEX PRIVATE CONSUMPTION PRIVATE CREDITS PRIVATE INVESTMENT PRODUCTION FUNCTION PRODUCTIVITY PRODUCTIVITY GROWTH PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC INVESTMENT PURCHASING POWER PURCHASING POWER PARITY RAPID GROWTH REAL EFFECTIVE EXCHANGE RATE REAL EXCHANGE RATE REAL GDP REAL IMPORTS RECESSION RESOURCES MANAGEMENT RISK FACTORS SAVINGS SLOWDOWN STABLE GROWTH STOCK MARKET STRUCTURAL REFORM STRUCTURAL REFORMS SUPPLY SHOCKS SUPPLY SIDE SURPLUS SURPLUSES SUSTAINABLE GROWTH TAX EXPENDITURES TAX REFORM TAX REVENUES TIGHT MONETARY POLICIES TIGHT MONETARY POLICY TOTAL EXPORTS TOTAL FACTOR PRODUCTIVITY TRADABLE GOODS TRADE BALANCE TRADE DEFICIT TRADE INTEGRATION TRADE OPENNESS TRADE PERFORMANCE TREATY UNCERTAINTIES UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES VALUE ADDED WASTE MANAGEMENT This Country Economic Memorandum (CEM), prepared in collaboration with the Turkish authorities, summarizes recent accomplishments in achieving high growth and analyzes remaining public policy challenges and options available to the authorities to meet these challenges. The country seeks to double the nominal per capita income of its population by 2013. It wants this rapid growth to be inclusive of all segments of society, regions, and economic sectors-especially through improved labor market performance leading to more and better jobs in the economy. At the same time, the authorities want to improve the quality of public services which they see as an important complement to economic growth in improving quality of life. They also believe that the potentially negative environmental consequences of the period of rapid growth ahead need to be managed so that the positive welfare gains from higher per capita income levels do not become eroded by environmental nuisances. Turkey has succeeded in restoring macroeconomic stability and rapid growth, it has been recovering from crisis in 2001 and grew at 7.5 percent per year on average during 2002-2006. In addition, certain dimensions of public sector governance are instrumental in improving quality of life and promoting competitiveness in Turkey including, for example, food safety and environmental protection. Further strengthening of the legal framework and institutions fighting corruption could improve the investment climate, the efficiency of the public sector, and popular support to further reforms, and continuous macroeconomic stability is a necessary (but not sufficient) condition for sustainable growth. Strong fiscal discipline and monetary policy have reduced chronic inflation to below 10 percent in 2005. Public debt has also been reduced and its sustainability has improved. Accordingly, the resilience of the Turkish economy to shocks has improved as demonstrated by the rapid recovery from turmoil in international markets in the summer of 2006 and, more recently, in the summer-autumn of 2007. 2012-06-14T15:53:08Z 2012-06-14T15:53:08Z 2008-04 http://documents.worldbank.org/curated/en/2008/04/9423798/turkey-country-economic-memorandum-sustaining-high-growth-selected-issues-vol-2-2-expanded-report http://hdl.handle.net/10986/8017 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Country Economic Memorandum Economic & Sector Work Europe and Central Asia Turkey |